The Weekly Peg: If the mountain won't come to JPM, let JPM come to the mountain

As tokenized deposits rain on the stablecoin parade, the fintech life cycle nears completion. Fragmentation is becoming untenable. Plus yen stablecoins come to the rescue of Takaichi.

Subscriber note: We’d like to remind non-subscribers that this isn’t just aggregation. There’s unique commentary and insight too! :) It’s come to our attention that our exclusive interviews with major industry players over the past month have flown under the radar.

Industry news:

— R25’s rcUSD+ launched on Polygon, introducing yield-bearing stablecoins backed by real-world assets (via the Block)

Summary: Unlike conventional stablecoins that simply maintain a peg, R25’s rcUSD+ — incubated by Ant Financial — is backed by a professionally managed portfolio of real-world assets (RWAs) such as money market funds and structured notes, offering holders both price stability and yield. Polygon is R25’s first and preferred EVM chain choice. Analysts view the launch as part of a broader trend bridging traditional finance yield gaps with crypto via tokenised real-world assets.

Questions The Peg wants answering: Who exactly is behind R25? What sort of mysterious professional portfolio managers are we talking about? How are they vetted? What if they mess up? How exactly is all this regulated? We have sooo many questions and so far just one very sparse Polygon press release to consult.